EARNINGS PER SHARE AND EQUITY

6 Months Ended

Jun. 30, 2022

15. EARNINGS PER SHARE AND EQUITY

Basic earnings per common share (“EPS”) is calculated by dividing net income (loss) attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share data)	2022		2021		2022		2021


Net income (loss)	$	9,760	$	(36,608)	(219,899)		(71,484)

Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(8,480)		(6,625)		(15,946)		(11,586)

Less: Dividends on preferred shares	6,791		6,551		13,582		11,176
Net income (loss) attributable to shareholders	$	11,449	$	(36,534)	$	(217,535)	$	(71,074)
Weighted Average Common Shares Outstanding - Basic (1)	99,370,301		86,030,652		99,367,597		86,029,305
Weighted Average Common Shares Outstanding - Diluted (1)	99,805,455		86,030,652		99,367,597		86,029,305

Income (loss) per share:
Basic	$	0.12	$	(0.42)	$	(2.19)	$	(0.83)


Diluted	$	0.11	$	(0.42)	$	(2.19)	$	(0.83)

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(1) Three and six months ended June 30, 2022 and 2021 include participating securities which can be converted into a fixed amount of our shares.

For the three months ended June 30, 2022 and 2021, 407,124 and 964,696 shares, respectively, and for the six months ended June 30, 2022 and 2021, 595,047 and 890,300 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.

During the six months ended June 30, 2022, we issued 19,811 common shares to certain directors as compensation.